Mumbai, July 20, 2005 - GE Commercial Finance Real Estate today announced its official entry into commercial real estate investment in India. GE will invest US $63 million in a newly formed fund - the India IT Parks Fund - sponsored by Asia's leading business space provider, Ascendas Pte Ltd ("Ascendas"). Ascendas has also invested in the fund along with other international investors.
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New Delhi, Saturday, July 2, 2005: Scott Bayman, President and CEO, GE India, today confirmed that GE has reached a comprehensive settlement of its Dabhol-related disputes with the Government of India, the Government of Maharashtra and its entities and the Indian lenders to Dabhol. The settlement includes financial consideration in partial payment of various contractor claims for work completed but not paid and in exchange for the transfer of GE's ownership interest in Dabhol.
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New Delhi, June 23, 2005 - GE Energy today announced that as part of its India growth strategy, it will be targeting revenues of more than US$1 billion in the country by 2010. GE Energy is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenue of $17.3 billion.
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New Delhi, June 13, 2005 - GE Commercial Aviation Services (GECAS), a unit of GE Commercial Finance, today announced the opening of a new office in New Delhi to better serve airline customers in India. GECAS is a leading provider of fleet, financing and productivity solutions to the global aviation industry.
"The aviation industry in India is poised for tremendous growth and we've set up a local office there to be closer to our customers," said Norman Liu, Executive Vice President, commercial operations for GECAS.
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Mumbai, June 8, 2005 - The United States India Business Council (USIBC) has bestowed on General Electric the USIBC 30th Anniversary Jubilee Award for "The US Company Contributing Most to the Indo-US Commercial Relationship".
The USIBC award acknowledges GE's contribution to the Indo-US commercial partnership that the two countries share today and the strong confidence and commitment that GE has shown to India over the last several years.
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Mumbai, May 27, 2005 - The Chairman and CEO of GE, Jeffrey R. Immelt, today said that India is on the threshold of a strong growth cycle. Reaffirming GE's confidence and commitment to India, Mr. Immelt said that he expects GE's revenues in India to jump from US$800 million, to over US$5 billion by 2010.
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Chennai, April 27, 2005: GE Elfun Volunteers, the global community service organization of General Electric Company, is donating ten new fibre glass boats and fishing nets, worth about Rs. 12.5 lakhs, to the fishermen of tsunami-hit Pudhu Kalpakkam village, near Chennai. The first batch of seven boats and fishing nets was delivered by Scott Bayman, President & CEO, GE India to the fishermen of Pudhu Kalpakkam Village Co-operative Society on April 26, 2005, The boats and fishing nets will be shared among the 220 families in this fishing hamlet.